17th Aug 2015 10:58
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices Monday.
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FTSE 100 - WINNERS
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TUI Group, up 1.0%. The travel operator is considering spinning off non-core assets with revenue of about EUR3 billion, The Times reported. The Times said it understands that TUI Group could seek a separate listing for its non-mainstream operations, including brands such as hotelbeds.com, Crystal Ski Holidays and Hayes & Jarvis, while retaining a stake. Deutsche Bank also has raised its price target for TUI shares to 1,385 pence from 1,235p, while reiterating its Buy recommendation. TUI shares are trading at 1,175.00p.
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FTSE 100 - LOSERS
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Wm Morrison Supermarkets, down 1.2%. The supermarket chain is in advanced talks to sell its M Local convenience store chain to a group of industry executives backed by investment firm Greybull Capital, The Telegraph reported Sunday. The Morrisons convenience estate will include between 150 and 160 stores, which generate between GBP250 million and GBP350 million in sales, The Telegraph said, citing sources and adding that the shops are thought to generate a small profit.
BHP Billiton, down 0.6%. at 1,144.00 pence. Brokerage Liberum cut its price target on the stock to 1,125p from 1,250p and retains its Hold rating.
Standard Life, down 0.5%. Société Générale downgraded Friday its recommendation on the savings and investments company to Hold from Buy. Standard Life also said late Friday it is looking to increase its stake in Indian joint venture HDFC Standard Life Insurance Co to 35% from 26% for about GBP169 million. The move follows the passing of a key insurance bill by the Indian Parliament in March, allowing foreign investors to own up to 49% of local insurers, an increase on the previous maximum of 26%.
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FTSE 250 - WINNERS
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Balfour Beatty, up 1.4% at 263.70p. Liberum raised its price target on the construction company to 320p from 285p. Swiss bank UBS also upped its price target to 270p from 260p.
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FTSE 250 - LOSERS
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Clarkson, down 7.3%. The shipping services company reported a fall in pretax profit in the first half, as an increase in revenue was more than offset by higher administrative expenses and costs connected to its acquisition of rival shipping broker RS Platou ASA, but it said it made a "solid" start to the year.
Bovis Homes Group, down 5.4%. The housebuilder lifted its dividend, reported an 8.9% increase in pretax profit in the first half, and said it is on track to meet expected sales volumes in the year as a whole. Shares had been trading at eight-year highs prior to the results. Robin Hardy, an analyst at Shore Capital, said shares had been trading above their fair value of 1,141p. That prompted Shore Capital to put its Buy rating on the shares Under Review. "As elsewhere in the sector we are highly unlikely to switch to a negative stance as we see the good yields available in the sector, and the continuing lack of marginal sellers it feels unlikely that the stock is likely to go into reverse," Hardy said
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AIM ALL-SHARE - WINNERS
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Gable Holdings, up 20%. The European non-life insurance company said it will not ask shareholders for capital when it reports results for the first half as it prepares for the new Solvency II insurance regulations in the European Union. The company said trading has shown strong growth with claims experience in line with expectations.
Stellar Resources, up 10%. The company said Gold Mines of Wales, a company in which it holds a 49% stake, has been granted an extension under its exclusive option agreement concerning an exploration license in its name-sake country.
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AIM ALL-SHARE - LOSERS
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Red Emperor Resources, off 64%. The oil and gas explorer said the USD25 million Hawkeye-1 exploration well offshore the Palawan Basin in the Philippines failed to intersect a commercially viable amount of hydrocarbons. The well was targeting two reservoirs and intersected both. The company said the first reservoir was of "variable quality" and contained hydrocarbons, but not enough to be deemed commercial, whilst the second reservoir may have contained hydrocarbons, but said the "poorer quality" of the reservoir meant it would also not be commercial.
Ascent Resources, down 34% The oil and gas explorer said Chief Executive Len Reece has resigned from the company in light of the company's dire financial position caused by the ongoing delays in approvals for the Petišovci field in Slovenia. The company said it is unlikely to secure the already delayed permit for the field until 2016 and urged shareholders to approve its proposed resolutions at an upcoming meeting, so that it can raise short-term funds to keep the company afloat.
Azonto Petroleum, down 13%. The oil and gas company said shareholders have approved the company's proposed asset sale and cancellation from AIM. However, shareholders voted against any of its directors being issued shares in lieu of their salaries at the company's general meeting held in Australia earlier Monday.
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By Arvind Bhunjun; [email protected]; @ArvindBhunjun
Copyright 2015 Alliance News Limited. All Rights Reserved.
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